VocaLink adopts SWIFTNet access for euro services business for banks and their customers
Tuesday, October 02, 2007VocaLink will operate a Market Infrastructure Closed User Group utilising SWIFTNet Bulk Payments for its Euro Services business. This reduces cost and complexity for banks and corporates using SWIFTNet to connect to the VocaLink Euro CSM.
The Market Infrastructure Closed User Group is a group of organisations with access to particular services through their membership. VocaLink offers banks and their customers, including government bodies and public authorities, a complete platform for processing their euro payments. The closed user group will offer secure access through a single channel to shared services for banks and their customers allowing them to originate and manage both SEPA and non-SEPA formatted transactions.
The service opens the market for European banks wishing to move large amounts of domestic traffic to SEPA from the public sector, utilising SWIFTNet. Recent research suggests that up to 29% of automated payments traffic could come from the public sector 1. VocaLink can provide the same service for banks and their customers across the SEPA.
VocaLink recently formed a partnership with Eiger Systems and IdenTrust to provide a solution to bring Corporate Access to businesses across the SEPA region. The service is white-labelled for individual banks use and will allow any organisation, controlled by their bank, to access the VocaLink Euro CSM, using either SWIFTNet or secure access.
Martin Wilson, chief marketing officer of VocaLink said 'VocaLink is excited to be working closely with Swift to extend the use of SWIFTNet - the secure channel that banks have used for many years - to our participant banks and to some of the most critical organisations processing payments across the SEPA. The use of the Bulk Payments feature for SEPA in FileAct will dramatically drive down costs for our customers and enable true transaction-based pricing.''
(1 source: The World Payments Report 2007)